African American Market

With a population of 40 million and buying power approaching $1 trillion in 2010, African Americans are a key segment in an American economy that increasingly depends upon the needs and preferences of multicultural consumers. The historic election of the country’s first African-American president created a feeling of pride and a sense of empowerment among black Americans. In the face of daunting economic difficulties, African-American consumers are more positive than other Americans about their own personal financial situation and are more optimistic about the future of the American economy.

African Americans will continue to be a significant economic and political force in an increasingly multicultural American society. Although the Hispanic population is larger, there are more black households than Latino households (14.6 million vs. 13.4 million). While aggregate income is greater among Latinos, per capita income is 17% higher among blacks ($18,406 vs. $15,674), and the black population includes more people with a bachelor’s degree or more (4 million vs. 3.3 million).

African-American females account for 52.3% of the black population. The proportion of women in the black population is higher than that of non-Hispanic whites (51.5%), Hispanics (48.3%) and Asians (50.9%).

The 2008 American Community Survey of the Census Bureau found that blacks make up 12.4% of the population as a whole but 19.2% of Americans living in the principal cities of metropolitan areas. African Americans account for only 6.5% of those living in rural areas.

African-American households are about as likely as non-Hispanic white households to fall into the family category (63% vs. 65%). However, black family households are more likely to be households headed by unmarried women with children. Another characteristic of black households is that they are more likely to take the form of women living alone.